In my Eye on Business blog I posted that Albert Huddleston, CEO of Hyperion Resources, was sued last fall by his mother over his management of a family trust.
The lawsuit was filed last September in U.S. District Court in Dallas, Texas. Two months later, a judge transferred the case to Probate Court at Albert Huddleston’s request.
In the suit, Huddleston’s mother, Erika, seeks to remove her son as co-trustee of a trust established by her late husband, Gordon T. Huddleston. Erika asks the court to award her damages based on Albert’s “breaches of his fiduciary duties.”
A subsidiary of Hyperion, a Dallas, Texas-based oil and gas company, wants to build a $10 billion refinery and power plant in Union County, S.D. The lawsuit does not specifically mention Hyperion or the South Dakota project.
According to court documents, Gordon T. Huddleston’s will on Dec. 6, 1977 created the trust with assets from his estate. Net income from investments from the trust were to be paid to Erika Huddleston in quarterly payments. After her death, the estate assets were to shared equally with their children.
In the suit, Erika Huddleston alleges her son has “sought to benefit himself and to promote his own self-interest,” instead in acting in the best interests of the trust.” She claims her son has failed to make required payments to her, and complied with her request to see an accounting of the trust funds.
Here is a link to the document: Erika Huddleston v Albert Huddleston
It’s the second time Albert Huddleston has been named in legal proceedings involving a family trust. Two years ago, a former manager of a Hunt family trust Huddleston and his wife, Mary, accusing the couple of misusing more than $6 million of trust money, and firing him without cause from his job, “Lawsuit: Hyperion CEO, wife misused trust funds.”